What makes you go to distrust? It is clearly about affordability. That is the issue in the farm machinery market. Someone who is currently running a 50 year old machine that is worn out and in need of replacement simply cannot afford a new tractor with all the modern bells and whistles. If they could, they'd have upgraded long ago. They might be able to afford a new tractor that is built to 50-year-old standards. That is the bet being made here.

Although, honestly, from my farmer perspective I think that is even a stretch. Someone needing to replace their 50 year old machine right now is more likely to look at a 20 year old used machine with a smaller outlay than the brand new Ursa. They are considerably less pricy than a Deere or Fendt, but still pretty capital insensitive relative to what a farmer in the market they are trying to address can justify.

Granted, there is no doubt someone out there who is willing to pay for the "new car smell". There is always someone out there who will buy what you are selling, no matter what it is you are trying to sell. The question, as always, is: Are there enough buyers out there to keep the cash flowing? The fact that they still have 2025 models sitting on their lot that aren't moving, I'm thinking not, but we shall see. Kudos for them being willing to try.